Carl Icahn just upped his bet on the company Jim Chanos is shorting

Billionaire investor Carl Icahn has added to his position in Cheniere-a natural-gas exporter that hasn't turned a profit in more than 20 years.

Icahn now owns approximately 22,682,159 shares, or a 9.59% stake in the company, according to an amended 13D filing.

In early August, Icahn first disclosed a stake of 8.18%. A few weeks later, Icahn and Cheniere reached an agreement to add two Icahn nominees to the company's board.

Icahn believes the company is "undervalued."

Not everyone feels that way.

Just last week, short-seller Jim Chanos of Kynikos Associates said that he's short the company and that it's a "looming disaster."

Shares of Cheniere (LNG) have fallen more than 16% since Icahn first disclosed his stake.